Home Prices in 2012: Best Year-on-Year Gain in Six Years

Posted By susanne On February 7, 2013 @ 4:09 pm In Business Outlook,Consumer News and Advice, Finance and Economy, Real Estate Information, Real Estate Trends, Today’s Marketplace, Today’s Top Story

CoreLogic, a leading residential property information, analytics and services provider, recently released its December CoreLogic HPI report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 8.3 percent in December 2012 compared to December 2011. This change represents the biggest increase since May 2006 and the 10th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.4 percent in December 2012 compared to November 2012. The HPI analysis shows that all but four states are experiencing year-over-year price gains.

Excluding distressed sales, home prices increased on a year-over-year basis by 7.5 percent in December 2012 compared to December 2011. On a month-over-month basis, excluding distressed sales, home prices increased 0.9 percent in December 2012 compared to November 2012. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that January 2013 home prices, including distressed sales, are expected to rise by 7.9 percent on a year-over-year basis from January 2012 and fall by 1 percent on a month-over-month basis from December 2012, reflecting a seasonal winter slowdown. Excluding distressed sales, January 2013 house prices are poised to rise 8.6 percent year over year from January 2012 and by 0.7 percent month over month from December 2012. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

Miami Real Estate Market Focus

Miami-Dade Stats – August 2012

We see year over year increases in closed sales, median sales price and average sales price for both single family homes and condos. Current inventory and distressed sales are both down as compared to this same time last year.

Broward and Miami-Dade County Residential Inventories Continue To Decline During July

Inventories dropped from 74,966 total homes and condos for sale in July 2008, to 49,058 in July 2009, a 35% decrease in just 12 months. During that same time frame, sales increased 47% from an average of 2,518 sales per month to 3,707 sales per month. The inventory supply across both counties decreased from 30 months last year to 13 months today.

According to Ron Shuffield, President, EWM Realtors , “decreasing prices have been the prime motivator for our spike in sales this past year. If you’re selling, now is the time to make sure that your property is priced accurately. If you’re buying, your choices will continue to decrease throughout the remainder of 2009.”

You can check-out Facts & Trends reports at www.ewm.com/trendx to see the numbers for your area and price range or ask me to expand your search using our complete data file. Deals are happening!